08 Sep 2016
How’s The Market? $400K Is The New $300K
East End Condos, Lofts & Towns Dominate.
The August 2016 numbers are in from the almighty TREB and they’re not surprising. Well not to us since we’re here on the front lines every day seeing the battle scars on Buyers and big grins on Sellers. You can see the snapshot in the infographic below. Remember, we’ve dug deeper than our competition and extracted the numbers from Toronto’s Urban Communities South of Bloor. These are the communities in which we live work and play so they matter to us and to our clients. We don’t pretend to work the entire GTA. We’re Urban and we’re proud!
For the first time the East End including the neighbourhoods: Riverdale, Riverside, Leslieville and The Beach have taken the lead in the Townhouse and Condo/Loft set.
This makes sense as we’ve got more strict development guidelines that limit the number of new homes that can be constructed here which suppresses supply while demand for condo/townhouse type homes skyrocket here in the East End. A townhouse in Leslieville will cost you a minimum of $800K now
The average price of condos in the East End reads a little high this month as we’ve seen more movement with larger, family sized condos. You can still fetch a one bedroom or studio in the area for around $400K (some 400 Sq ft units closer to $300K) but $400K is certainly looking like the new $300K.
The rest of The 6ix including the downtown Core and West End communities: Roncesvalles, High Park etc.. also saw gains in all product types. What really stood out to us there was the massive gain in the price of detached and semi detached homes at 30.9% and 25.6% increases respectively.
As folks continue to get priced out of freehold options you’ll continue to see money flow to Townhouses and larger apartments. This trend will continue for the foreseeable. Homes aren’t getting cheaper here and as international money flees the newly taxed Metro Vancouver area for a safer and cheaper Toronto, it’s time to jump to one side of the fence we know you’re on.
Want a more detailed view into what this means for your property? Message us now and we’ll start a conversations. Or use the live chat below.
